Author Topic: QUESTION ON BUYING A HOUSE/PROPERTY/WHATEVER THE HELL U WANNA CALL IT (Read 1902 times)

NaturalWonder83 · « **Reply #25 on:** April 18, 2009, 07:18:02 PM »

Quote from: bigdumbbell on April 18, 2009, 07:14:42 PM

they have some good deals in bridgeport

yeah i gotta start looking
i cant stand another day in this hell hole im currently in

bigdumbbell · « **Reply #26 on:** April 18, 2009, 07:19:03 PM »

Quote from: NaturalWonder83 on April 18, 2009, 07:18:02 PM

yeah i gotta start looking
i cant stand another day in this hell hole im currently in

what are your savings?

Crossbow · « **Reply #27 on:** April 18, 2009, 09:35:32 PM »

Speak to your bank first. Go there well documented (payment slips, bank statements, bring a budget - how much are you spending today on rent, food, car, insurance, interest etc).

They can tell you how much you can borrow, based on the amount of your savings, income, etc. Usually this amount is a multiple of your annual household income. The lower the multiple and the higher the deposit you can make, the better the interest rate. Ask them to make you a written mortgage offer.

Go house hunting armed with that document. It gives you a big advantage over other buyers if the seller has to make a sale quickly. You will be taken more seriously and have a bigger chance of getting a lower price because the seller doesn't have to wait until you sort out financing. Your advantage is that you don't seem to be part of a chain - e.g. you don't need to sell your old house first before you can buy and you can therefore move quickly, make sure the seller understands that.

danielson · « **Reply #28 on:** April 19, 2009, 12:18:01 AM »

Quote from: tbombz on April 18, 2009, 07:00:24 PM

most all realtors with some experience will have one or two lenders who they primarily deal with. if you go find a realtor to take you around and show you houses within your price range and where you want them to be... then the realtor will work with a lender to try to get you a loan that you can afford. realtors and lenders both make money when someone goes through them to buy a house, so they will work with you and try their best to get you into a house.

No realtor(a good one anyway) is going to show homes to people without a pre-qual, meaning a document that says that the perspective buyer can actually obtain a loan to purchase the house. Can you imagine how much time realtors would waste showing people homes and THEN trying to get them qualified for a loan? Gene, you can find a realtor if you would like, but your next step is to make sure you can get financing and have it faxed, not a copy you bring them, to the realtor. Then proceed to look at as many homes as you like until you find the right fit for you. Also, don't pay the listing agent and the selling agent 3% a piece if you can avoid it. Offer them 1.5% and negotiate, there is no rule/law that says you need to pay the full 6%, and in this market realtors are dropping their commissions, just make sure you get a realtor with experience, they are more likely to get a bigger cut than some young kid starting out, which means more room to negotiate. If you have any questions about financing, shoot me a PM. I will let you know your options, shit I will even fax a realtor a pre-qual for you without taking any of your info whatsoever. It will be from CountryWide, so you will be just fine if you need it to start looking. Then when the time comes, I can refer you to someone in your area(I am not Chris Mason or "Disgusted", I am not posting here to make money like a filthy scumbag). At any rate, just PM me whenever you have a question Gene, it's a lot harder now to obtain financing compared to a few years ago, but it's not as bad as people are making it out to be. I will also explain to you how you get an inflated appraisal and an under the table transaction to avoid a down payment

bigdumbbell · « **Reply #29 on:** April 19, 2009, 04:02:50 AM »

there are a few lenders who will make shit happen if you have real assets as collateral should you default and with no money down

danielson · « **Reply #30 on:** April 19, 2009, 05:42:26 AM »

Quote from: bigdumbbell on April 19, 2009, 04:02:50 AM

there are a few lenders who will make shit happen if you have real assets as collateral should you default and with no money down

Unless pizza boxes and cashews are real assets I am not so sure Gene could use a hard money lender, besides their rates are 8% and higher.

Ursus · « **Reply #31 on:** April 19, 2009, 05:43:57 AM »

no harm in asking mate

Marty Champions · « **Reply #32 on:** April 19, 2009, 05:45:13 AM »

Quote from: bigdumbbell on April 18, 2009, 06:51:50 PM

i live in a rental trailer but i believe it's the seller who accepts a contract

offer 10 grand below

they will sell

danielson · « **Reply #33 on:** April 19, 2009, 05:47:23 AM »

Quote from: Johnny Falcon on April 19, 2009, 05:45:13 AM

offer 10 grand below

they will sell

What if the home is rather expensive Johnathon? Shouldn't they offer 25 grand or more less?

bigdumbbell · « **Reply #34 on:** April 19, 2009, 05:49:05 AM »

Quote from: danielson on April 19, 2009, 05:42:26 AM

Unless pizza boxes and cashews are real assets I am not so sure Gene could use a hard money lender, besides their rates are 8% and higher.

yes they balloon to 22

NaturalWonder83 · « **Reply #35 on:** April 19, 2009, 07:49:53 AM »

Quote from: bigdumbbell on April 18, 2009, 07:19:03 PM

what are your savings?

less than 1000 dollars...a lot lot less than 1000 dollars

Quote from: danielson on April 19, 2009, 12:18:01 AM

No realtor(a good one anyway) is going to show homes to people without a pre-qual, meaning a document that says that the perspective buyer can actually obtain a loan to purchase the house. Can you imagine how much time realtors would waste showing people homes and THEN trying to get then qualified for a loan? Gene, you can find a realtor if you would like, but your next step is to make sure you can get financing and have it faxed, not a copy you bring them, to the realtor. Then proceed to look at as many homes as you like until you find the right fit for you. Also, don't pay the listing agent and the selling agent 3% a piece if you can avoid it. Offer them 1.5% and negotiate, there is no rule/law that says you need to pay the full 6%, and in this market realtors are dropping their commissions, just make sure you get a realtor with experience, they are more likely to get a bigger cut than some young kid starting out, which means more room to negotiate. If you have any questions about financing, shoot me a PM. I will let you know your options, shit I will even fax a realtor a pre-qual for you without taking any of your info whatsoever. It will be from CountryWide, so you will be just fine if you need it to start looking. Then when the time comes, I can refer you to someone in your area(I am not Chris Mason or "Disgusted", I am not posting here to make money like a filthy scumbag). At any rate, just PM me whenever you have a question Gene, it's a lot harder now to obtain financing compared to a few years ago, but it's not as bad as people are making it out to be. I will also explain to you how you get an inflated appraisal and an under the table transaction to avoid a down payment

thank u danielson...i will pm u later this week-much appreciated

Marty Champions · « **Reply #36 on:** April 19, 2009, 08:24:27 AM »

Quote from: danielson on April 19, 2009, 05:47:23 AM

What if the home is rather expensive Johnathon? Shouldn't they offer 25 grand or more less?

then u r looking for something too expensive unless u plan on getting well over a grand of rent per month on it

DeketheCreep · « **Reply #37 on:** April 19, 2009, 08:28:11 AM »

need a roommate?

Man of Steel · « **Reply #38 on:** April 19, 2009, 08:46:26 AM »

Tell the realtor that you're a superfit, large and in charge bodybuilder that needs this home for purposes of proper tanning, body shaving and posing practice. Throw in how much you can squat or offer to perform buddy towel curls with the agent.

You'll be closing on that property in no time flat!!

You are very welcome!!

chaos · « **Reply #39 on:** April 19, 2009, 08:50:46 AM »

Quote from: danielson on April 19, 2009, 12:18:01 AM

No realtor(a good one anyway) is going to show homes to people without a pre-qual, meaning a document that says that the perspective buyer can actually obtain a loan to purchase the house. Can you imagine how much time realtors would waste showing people homes and THEN trying to get then qualified for a loan? Gene, you can find a realtor if you would like, but your next step is to make sure you can get financing and have it faxed, not a copy you bring them, to the realtor. Then proceed to look at as many homes as you like until you find the right fit for you. Also, don't pay the listing agent and the selling agent 3% a piece if you can avoid it. Offer them 1.5% and negotiate, there is no rule/law that says you need to pay the full 6%, and in this market realtors are dropping their commissions, just make sure you get a realtor with experience, they are more likely to get a bigger cut than some young kid starting out, which means more room to negotiate. If you have any questions about financing, shoot me a PM. I will let you know your options, shit I will even fax a realtor a pre-qual for you without taking any of your info whatsoever. It will be from CountryWide, so you will be just fine if you need it to start looking. Then when the time comes, I can refer you to someone in your area(I am not Chris Mason or "Disgusted", I am not posting here to make money like a filthy scumbag). At any rate, just PM me whenever you have a question Gene, it's a lot harder now to obtain financing compared to a few years ago, but it's not as bad as people are making it out to be. I will also explain to you how you get an inflated appraisal and an under the table transaction to avoid a down payment

Once again a Y boarder comes in to save the day.

Hulkster · « **Reply #40 on:** April 19, 2009, 09:10:40 AM »

Quote

less than 1000 dollars...a lot lot less than 1000 dollars

do you have a well paying job? if not your best bet is to try and secure one if you are serious about owning your own place.

with me, I had a crappy job through school that hardly enabled me to save anything.

but once I finished school and got a good job, I was able to start saving for a down payment.

it took 2 years, but I saved up 25 grand which was enough for a downpayment on a nice townhouse..

it takes time, but there are really no shortcuts unless you win the lottery.

the mortgage itself isn't that bad- it comes out after each paycheck so there is always money there for that - its the intial downpayment that is the killer.

BayGBM · « **Reply #41 on:** April 19, 2009, 10:10:15 AM »

Quote from: tbombz on April 18, 2009, 06:56:44 PM

its not up to the realtor, its up to the lender. im sorry but i dont think any lenders owuld do a zero down 1k a month loan right now.

but now is a great time to buy a house though.

Now is the perfect time to buy a house if you have good credit (alas, many people do not) and if you have money to put down (again, a problem for many people). The days of no money down borrowing to buy a house are pretty much over--especially for a first time buyer.

NW, you need your own realtor; go find one. He or she will be able to answer many of your real estate questions in a way that is meaningful for your particular situation (personal profile, income, location, etc.) Generic answers from an anonymous message board are not going to be of much help to you.

Hulkster · « **Reply #42 on:** April 19, 2009, 10:19:40 AM »

good point. you need good credit to get approved for a mortgage loan.

if not, forget it.

one thing that helped me was the fact that I had a credit card for years through school.

each time you pay the bill each month on time, it helps your credit and you begin building up a good score...

NaturalWonder83 · « **Reply #43 on:** April 19, 2009, 03:24:14 PM »

thank u guys for the info

the wheels will hopefully be in motion soon

tbombz · « **Reply #44 on:** April 19, 2009, 03:30:25 PM »

Quote from: danielson on April 19, 2009, 12:18:01 AM

No realtor(a good one anyway) is going to show homes to people without a pre-qual, meaning a document that says that the perspective buyer can actually obtain a loan to purchase the house. Can you imagine how much time realtors would waste showing people homes and THEN trying to get them qualified for a loan?

thats true for the most part. showing homes and keeping an eye out for houses that fit a buyers description are two dif things tho. realtors have system where they can input diff things into mls and whenever a house comes on the market that matches the description theyll immidietly be notified..